Managing invoice processing in-house can prove to be expensive, difficult and burdensome. Read more to find out how beneficial outsourcing invoice processing can be.
Is in-house invoice processing becoming a burden? Are you unable to reduce costs, obtain access to better data or improve purchase controls? Outsourcing is the answer to these problems. Right from storing and imaging your company’s invoice documents to handling the pre-purchase authorization and vendor payment, an outsourcing service provider can efficiently manage your invoice processing.
Outsourcing invoice processing to India can enable your company to leverage not one, but several value-generating benefits. From lower costs, to better accessibility and lack of errors, here are the many reasons why invoice processing is best outsourced.
- Benefit from a 75% reduction in the cost of processing and administrating payments and purchases
- Choose the exact invoice processing services that would best support your company’s goals and processes
- Accept invoices from your clients/vendors in almost any format, be it fax, email, web or even postal mails
- Pay your vendors through a wide range of options, such as, paper checks, EFTs or credit cards
- Get your 1099 business records regularly maintained
- Eliminate the need for paperwork and storage. Get all your invoices stored electronically and accessed via the web
- Give your organization maximum benefit by incorporating and enforcing contract pricing, time-to-pay, vendor payment preferences and discounts
- Since controls are applied before the purchase, you can be sure of compliance with your purchasing policy
- Effortlessly reconcile vendor invoices to the right purchase order scope before the payment, thereby eliminating payments for any unapproved work
- Access real-time data to quickly research or resolve issues on a 24/7 basis
- Avoid vendor payment mistakes, by reconciling the invoice amount to the actual amount paid to the client
- Benefit from a seamless conversion of all your paper invoices to the electronic format, which can be uploaded to your accounting/ERP system
- Be sure of meeting all the accounting and audit compliance standards, such as, Sarbanes-Oxley
- Upgrade to enterprise accounting and inventory systems. Without manual intervention, you can enjoy better accuracy
- Free up internal resources for other core business activities, while eliminating the need for internal administrative support for invoice processing
- Take better advantage of beneficial payment terms and maximize your savings
- Mitigate losses from invalid/fraudulent vendor payments
What have been your experiences of managing invoice processing in-house? Do you feel that outsourcing invoice processing can be beneficial to your company? Do share your thoughts or queries with us by leaving a comment in the box below. We, at Outsource2india love to hear from you!
Interested to know more?